It is impossible to determine if your credit score will drop once you apply for credit. The website MyFICO says that if your credit does drop, it will not be by more than about five points.
Inquiries
Each time you apply for credit, you authorize the lender to review your credit report. Each time a lender reviews your credit, it is listed on the report as a credit inquiry. You can see who has requested to see your credit by reviewing your credit report.
Multiple Inquiries
As MyFICO points out, a single credit inquiry will not hurt much, and it is also acceptable to have multiple credit inquiries over a short period of time---for example, 30 days---when you are shopping for a loan, such as an automobile or home mortgage. The credit scoring system treats such multiple requests for your credit report as a single inquiry, according to MyFICO.
Continued Inquiries
Your credit score may begin dropping significantly if you make a lot of credit inquiries over the course of a year. The credit scoring system could interpret that as a sign that you are loading up on credit for a spending spree, or you are taking on more credit than you can afford. Either event could make you a credit risk and lead to a drop in your score.
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